Line of Credit – Flexible Borrowing with Crestico

A Line of Credit (LOC) is a flexible borrowing option that allows you to tap into funds whenever you need them, without taking out a lump-sum loan.

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Repayment & Loan Terms

What is a Line of Credit?

A Line of Credit is a revolving loan that allows you to borrow money up to a predetermined limit, repay it, and then borrow again, as needed. This type of credit gives you the flexibility to access funds as you need them, without having to apply for a new loan each time.

At Crestico, we offer Home Equity Lines of Credit (HELOCs), which are secured by the equity in your home. With a HELOC, you can borrow up to 80% of your home’s value (depending on your loan type and eligibility), making it a cost-effective way to access funds

How a Line of Credit Works

Flexible Access: You can borrow money whenever you need it, up to your credit limit.

Revolving Balance: As you repay what you’ve borrowed, you can borrow again without needing to reapply.

Pay Interest Only on What You Borrow: Unlike traditional loans, you’re only charged interest on the funds you’ve accessed.

Borrowing Limit: The limit is based on the equity in your home, your financial profile, and the terms of the loan.

Frequently Asked Questions (FAQs)

How is a Line of Credit different from a loan?
With a traditional loan, you receive a lump sum of money and repay it over a fixed term. With a Line of Credit, you have access to funds as needed, and you only pay interest on the amount you borrow, not the full credit limit. It offers more flexibility and revolving access to funds.
What can I use a Line of Credit for?

A Line of Credit can be used for various purposes, such as:

  • Home renovations
  • Debt consolidation
  • Medical or emergency expenses
  • Education costs
  • Large purchases or travel

Is a Line of Credit secured or unsecured?
A HELOC is a secured loan, meaning it is backed by the equity in your home. This generally results in lower interest rates compared to unsecured lines of credit.
Does a Line of Credit have a fixed or variable interest rate?
Most Home Equity Lines of Credit (HELOCs) come with variable interest rates, which can change over time. Crestico will walk you through your options, and we’ll help you understand what rates might look like for your situation.
Can I pay off my Line of Credit early?
Yes, you can pay off your Line of Credit early without penalty. Early repayment can help you reduce the overall interest you pay.

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At Crestico, our loan programs are designed to meet a wide range of financial needs—whether you're buying your first home, refinancing, investing in property, or looking for flexible financing options. From conventional and government-backed loans to non-traditional and specialty programs, we offer solutions that align with your goals. Our experts help match you with the right loan, offering competitive rates, personalized terms, and a smooth approval process.